Analysis of gold news: In early trading in the European market on Monday (May 27), spot gold fluctuated and fell slightly, currently trading around $2,339.30 per ounce. Gold prices edged up 0.23% on Friday to close at $2,333.61 per ounce, helped by the decline in the U.S. dollar. However, it still suffered its largest weekly decline in five and a half months last week as hopes of the Federal Reserve cutting interest rates weakened. On Thursday (May 30), the U.S. Bureau of Economic Analysis (BEA) will release the revised value of first-quarter gross domestic product (GDP). A positive revision to this data could support the dollar. The U.S. Bureau of Economic Analysis will release the April personal consumption expenditures (PCE) price index on Friday (May 31), which is the Federal Reserve’s preferred inflation indicator. The core PCE price index rose 0.3% month-on-month in March. Sengezer said that if the core PCE growth reaches 0.4% or higher month-on-month in April, it may fuel expectations that the Federal Reserve will not change policy interest rates in September and boost the dollar before the weekend. On the other hand, if the index rises at or below 0.2%, it may revive optimism about the progress of lower inflation and push gold prices higher.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2370 first-line resistance at the top and the 2340 first-line support at the bottom.
Analysis of crude oil news: In early trading in the European market on Monday (May 27), international oil prices fluctuated within a narrow range, holding on to most of the gains overnight. U.S. crude oil is currently trading around $77.9 per barrel. Oil prices rose about 1% on Friday as the U.S. dollar index weakened sharply and Israel continued to attack Gaza. In addition, the United States is about to usher in the summer peak, and the influx of bargain hunting also provided support to oil prices. However, it fell for the week due to concerns about Strong U.S. economic data will keep interest rates high for an extended period, curbing fuel demand. The July Brent crude oil contract closed up $0.76 on Friday at $82.12 a barrel. The more actively traded August contract closed up $0.73 at $81.84. U.S. crude oil futures closed up $0.85, or 1.1%, on Friday at $77.72 a barrel. On Thursday, Brent crude futures closed at their lowest level since February 7, and U.S. crude futures closed at their lowest level since February 23. The market is waiting for the OPEC alliance, composed of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to hold an online meeting on June 2 to discuss whether to extend the 2.2 million barrels per day voluntary production cut. Monday coincides with the Memorial Day holiday in the United States, and overall market trading may be subject to some restrictions. On the one hand, the United States is trying to continue to cool down the oil market and control oil prices to alleviate inflationary pressure. On the other hand, OPEC, which is facing many challenges in the context of gradually weakening oil prices, will be the focus of market attention in the coming period. Although geopolitical factors are gradually withdrawing from their influence on oil prices, the influencing factors of the crude oil market are still facing a complex game situation. Investors will pay close attention to the development of the situation. It is expected that oil prices will fluctuate and rebound this week before OPEC makes its output decision for the second half of the year. , pay attention to the rhythm and control the risks.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by callbacks to lows. Focus on the 80.0 first-line resistance at the top and the 77.0 first-line support at the bottom.
Caution is required in operation and suggestions are provided for reference.
